NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A., a global investor rights firm, announces that it has filed a class action lawsuit on behalf of purchasers of 500.com Limited (NYSE:WBAI) American Depository Shares pursuant and/or traceable to the Company’s IPO on or about November 22, 2013 and between November 22, 2013 through February 25, 2015. The lawsuit seeks to recover damages for 500.com investors under the federal securities laws.
To join the 500.com class action, go to the website at http://www.rosenlegal.com/cases-275.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, 500.com issued materially false and misleading statements to investors by failing to disclose the risk of provincial sports lottery administration centers voluntarily suspending the acceptance of online purchase orders for lottery products. On May 7, 2014, Jinghua Daily published an article revealing that the China Welfare Lottery Administration Center and CSLAC both said that they have never authorized any website or agency to conduct online lottery sales to date and all online lottery sales are illegal. On this news, shares of 500.com fell $5.07 per share or over 15% from its previous closing price to close at $28.61 per share on May 7, 2015. On January 17, 2015, Sina.com published an article reporting that the certain Chinese governmental authorities issued a notice requiring provincial agencies to conduct self inspection with regards to unauthorized online lottery sales. On this news, shares of 500.com fell $0.60 per share from its previous closing price to close at $17.52 per share on January 20, 2015, further damaging investors. On February 25, 2015, 500.com announced that certain provincial sports lottery administration centers to which the Company provides sport lottery sales services plan to temporarily suspend accepting online purchase orders for lottery products, in response to a notice issued by governmental authorities. On this news, shares of 500.com fell $2.87 per share or over 22% to close at $9.96 per share on February 25, 2015, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 28, 2015. If you wish to join the litigation go http://www.rosenlegal.com/cases-275.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
